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Savers 'unsure About Interest Rates' |
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(1st July 2008)
Savers are uncertain about whether the Bank of England will cut interests rates or raise them, according to a survey by M&S Money.
Although 29 per cent of people predicted that the Bank would increase interest rates in the coming year, 24 per cent thought they would be cut.
One in four expected interest rates to remain the same, and just over one in five said they had no idea what would happen to them.
The research also showed that more than a half of savers felt that banks should offer an interest rate guarantee on their savings accounts in these uncertain times.
Expert analysts think the Bank will keep interest rates at five per cent in the foreseeable future.
Commenting on the Bank's decision to fix interest rates despite pressure from rising inflation, Peter Dixon of Commerzbank told thisismoney.co.uk: "What they are saying is 'yes we are concerned, yes it's a problem, but we're not going to do anything hasty to put the trend in output growth at risk'."
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